Claim Settlement Ratio of Reliance Nippon Life Insurance

With over 10 Million Policyholders, Reliance Nippon Life Insurance company is undoubtedly one of the leading insurance companies in India. Being a part of Reliance Capital, which is a non-banking company, Reliance Nippon Life Insurance Company is quite popular among customers. One of the main reasons behind its popularity is its Claim Settlement Ratio of 98.10% as on March 31, 2020. This ratio is computed basis claims settled over total individual claims for the financial year 2019-20. When choosing the right life insurance companies, this is one of the factors that customers consider.

You must be thinking what is this Claim Settlement Ratio of Reliance Nippon Life Insurance and why is it so important? In this article, we will discuss the same and other things like Claim Process, Documents you will require for getting the Claim. So, keep reading to know how this Life Insurance Policy can be the right one for you!

What is the Claim Settlement Ratio?

As we said earlier, the Claim Settlement Ratio of Reliance Nippon Life Insurance Company is 98.1%. You must be thinking what exactly is this, that’s why let’s know about this first. Well, this ratio is one of the most important aspects of any Insurance Company. A customer can assess the number of claims settled by the company out of the total number of claims received by the insurance company.  It tells you the ability of an insurance company in paying the claims.

So as you can see that Claim Settlement Ratio of Nippon Life Insurance is 98.1%, which means Nippon has settled 98.1 individual claims out of 100 individual claims received in the financial year 2019-20. You can check the Claim Settlement Ratio on the official website of the Insurance Regulatory and Development Authority of India (IRDAI), which publishes the same every year.

Past Years Claims Settlement Ratio of Reliance Nippon Life Insurance 

Now you know that the Claim Settlement ratio of Reliance Nippon Life Insurance stands at 98.1% as on March 31, 2020. But, it’s important to know the ratio maintained by the noted insurer over the years. We are showing you the ratio of some more years. Please check!

Financial Year Claims Settlement Ratio
2019-20 98.10%
2018-19 97.71%
2017-18 95.21%
2016-17 94.53%
2015-16 93.82%
2014-15 83.84%

From the above table, you can see the growth in the Claim Settlement Ratio of Reliance Nippon Life Insurance from the past few years. This is the reason behind the growing trust of individuals in its life insurance.

How to Get Claims of Reliance Nippon Life Insurance Policy?

There are a total of 3 steps that a customer has to follow in order to get claims. These three steps are classified into Claim Intimation, Claim Assessment, and Claim Decision & Payout.

We are showing all the details involved in these steps below. First, we will talk about the step of Claim Intimation and Submission of Documents. Have a look.

Step 1: Claim Intimation and Submission of Supporting Documents

To get the Claims for your Reliance Nippon Life Insurance, the first step is the intimation of your claim that you can do at all the branch offices of Reliance Nippon Life Insurance Company (RNLIC). So, you only need to find the nearest one. Other than this, you can do this directly to the Claim Team of RNLIC Goregaon at the Mumbai Office. Here, you will need to provide all the documents related to the Claim and other supporting documents.

Step 2: Claim Assessment and Requirement of any Additional Documents (if any)

After the submission of Claim Documents and additional documents, Reliance Nippon will check the authenticity of these documents according to the terms and conditions specified in the Policy. Within a fixed turn-around-time (TAT) of 3 working days, the company will communicate to you if they need any other documents to process your claims. Subsequently, a field investigation will be done, if needed, and the claimant will be updated about the same. The claimant will get all the assistance from a dedicated team that will handle the claims. You just need to dial the toll-free helpline numbers of RNLIC for assistance.

Step 3: Claim Decisions and Payout

This is the last step to get Claims from Reliance Nippon Life Insurance. Since the Claim Settlement Ratio of this company is 98.1%, the chances of your claims getting rejected are quite low. After getting the receipt of complete documentation and field investigation (if any), the Claimant will get the information about the Claim Decision and the due claims will be approved by the company. The approved claims will then be processed for payout. The claims will be settled via electronic payment methods such as NEFT so that a Claimant can get the claims quickly. However, this will depend upon the availability of bank details. If there are no valid bank details, the payment will be made through an Account Payee Cheque at the Customers’ address registered with the company.

What Documents are Required for Reliance Nippon Life Insurance Claim? 

In the last section of the process, you must have noticed in the first step, that to get the claims, you will need to submit a few documents. These documents help Reliance Nippon Life Insurance Company assess the authenticity of your claim. So, it is important to know about them. We are providing them below. Please have a look!

  1. Claim Form A – This form needs to be filled by the Nominee or Claimant
  2. Claim Form B – Medical Attendant Certificate needs to be filled, signed and stamped by the Treating Doctor
  3. Claim Form C – This form is the Certificate of Identity and to be filled by the person who knows the deceased other than a Nominee or Claimant
  4. Original Death Certificate needs to be issued by the Local Municipal Authority or Competent Authority
  5. Copy of All Medical or Hospital Records such as Admission Notes, Discharge/ Death Summary, Various Test Reports, etc.
  6. Copy of Medico-Legal Cause of Death Certificate should be issued by the doctor confirming the cause of death
  7. Original Reliance Nippon Life Insurance Policy Document
  8. KYC Documents of Nominee or Claimant (Age Proof, Address Proof, etc.)
  9. Bank Details of Nominee or Claimant ( Personalized Cancelled Cheque or Completed Bank Authorization Form, attested by the Bank, along with a self-attested copy of Bank Statement or Passbook with IFSC and Bank Account Number in which you want the claim amount)

If the Death has happened due to an Accident, Murder or Suicide, there are a few additional documents that the nominee will need to submit. You can have a look at them below.

  1. First Information Report (FIR)
  2. Post Mortem Report
  3. Newspaper cutting where Available
  4. Chemical Report or Viscera Report where applicable
  5. Final Investigation Report done by Police (where applicable)
  6. If the life assured was driving at the time of the accident, the nominee would need to submit a copy of Driving Licence of the person ( Applicable if in-built accident benefit is payable or Accident and Disability Rider benefit is opted for at the time of taking policy)

Important Note: All the photocopies of the documents should be attested by an official from Reliance Nippon Life Insurance and the company can ask for additional documents for the due claim process.

What are the different types of Claims of Reliance Nippon Life Insurance? 

Now, you have enough information about the Claims Settlement Ratio of Reliance Nippon Life Insurance, you should know what are its different types of claims. There are mainly three types of claims – Non-early Claim (Ordinary Claim), Early Claim, and Service Guarantee.

The non-early claim or also known as Ordinary Claim is when an individual’s death happens after 3 years of Policy Commencement/ Issuance/ Revival/ Rider Addition or whichever is later. The TAT of this type of claim is 10 working days from the date of intimation. The conditions for the second type of claim is the same except the TAT is 45 working days from the date of intimation.

In the service Guarantee type of claims, if there are 4 or more annual premiums have been paid but 1 or more mandatory documents are not submitted  or claims which warrant investigations or claims from lapsed will be excluded from the guarantee.

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